As corporate reinventions go, Drax must rank among the most unlikely and controversial. The naysayers have repeatedly scoffed at the idea that a power company whose towering chimneys have been belching dirty fumes over North Yorkshire for decades could make the switch to cleaner energy. As western Europe’s biggest polluter, it looked like an impossible task. Even today, its harshest critics would maintain that its continued push into biomass is a fudge. Drax is paying £226m to acquire Pinnacle Renewable Energy, a Canadian producer of wood pellets with nine plants in British Columbia and Alberta and another two under construction. The move comes as Drax prepares for its biggest milestone yet. In March, the company will turn off its two remaining coal-generating units, having converted four coal-fired plants already and completing the move to burning biomass.
Telegraph 8th Feb 2021 read more »